In 2023, Shandong's total foreign trade value reached 3.26 trillion yuan, a year-on-year increase of 1.7%.

Jinan, Shandong Province, January 17 (Xinhua) -- Shandong Province's total import and export value reached 3.26 trillion yuan (about $466.6 billion) in 2023, up 1.7 percent year-on-year, according to a press conference held by the Shandong Provincial People's Government on January 17. Exports and imports reached 1.94 trillion yuan and 1.32 trillion yuan, respectively, up 1.1 percent and 2.7 percent year-on-year. The growth rates of foreign trade imports and exports, exports, and imports all exceeded the national average.

According to Shi Yong, deputy director of Qingdao Customs, in 2023, Shandong's trading partners spanned more than 230 countries and regions worldwide. Import and export trade with countries participating in the Belt and Road Initiative reached 1.84 trillion yuan, up 3.3 percent year-on-year, accounting for 56.3 percent of the province's total foreign trade; trade with ASEAN and the EU reached 649.86 billion yuan and 297.59 billion yuan, respectively, up 4.5 percent and 3.5 percent year-on-year; and trade with emerging markets such as Latin America, Africa, Central and Eastern Europe, and the five Central Asian countries increased by 3 percent, 4.7 percent, 18.6 percent, and 18.1 percent year-on-year, respectively.

“Wheeled excavators are our flagship product, and orders for both production lines are scheduled until March this year.” In the Dezhou (Yucheng) National High-tech Industrial Development Zone in Shandong Province, the production lines of Di Meng Heavy Industry Machinery Co., Ltd. are operating at full capacity. General Manager Wang Rongliang introduced that the company's products are mainly used for road maintenance, earthwork construction, and forestry construction, and exports in 2023 increased by 90 percent year-on-year.

Wang Rongliang said that as a private enterprise, focusing on international markets, optimizing products, and expanding markets is a common goal shared by the company and its more than 200 parts suppliers for future development. In 2024, the company's management has planned overseas visits, and developing markets in countries participating in the Belt and Road Initiative is a key focus. “I plan to spend most of this year abroad, mainly visiting clients, understanding their needs, and exploring broader markets.”

In recent years, the role of the private economy in driving the development of foreign trade in Shandong has become increasingly prominent. In 2023, there were more than 68,000 foreign trade operators with import and export records in the province, an increase of more than 4,000 compared to the previous year. Among them, there were 62,300 private enterprises, with a total import and export value of 2.42 trillion yuan, up 3.9 percent year-on-year, accounting for 74.3 percent of the province's total import and export value, and maintaining its position as the largest foreign trade operator in Shandong for 12 consecutive years.

Shi Yong said that from a market perspective, Russia is the largest incremental market for private enterprises in Shandong. In 2023, Shandong's import and export trade with Russia reached 229.6 billion yuan, up 31.8 percent year-on-year, accounting for 9.5 percent of the province's total import and export value of private enterprises, with a net increase of 55.45 billion yuan, contributing 60.7 percent to the growth of private enterprise foreign trade.

As a major agricultural province in China, Shandong exported 147.6 billion yuan worth of agricultural products in 2023, up 6.3 percent year-on-year, setting a new historical high and accounting for 21.2 percent of the country's total agricultural product exports, maintaining its position as the largest exporter of agricultural products. Zhang Yibing, deputy director of Jinan Customs, said that among the agricultural products exported by Shandong in 2023, the export growth rate of deep-processed products with higher added value was 6.6 percent, and their proportion increased to 47.9 percent.

“The company's development has exceeded expectations. In just six months, durian sales reached 50 million yuan, and the total import and export value is expected to exceed 500 million yuan in 2024.” Located in the Weifang Comprehensive Bonded Zone in Shandong Province, Shanbei Gigi (Shandong) International Trade Co., Ltd. is a cross-border e-commerce company engaged in the sales of tropical fruits, frozen meat, and other products. General Manager Hu Wen said that with the help of the cold chain warehouse and smooth logistics of the integrated operation center, the company's operating costs have been greatly reduced, and this year, all processing and logistics businesses previously conducted elsewhere have been transferred to the Weifang Comprehensive Bonded Zone.

Yu Fengjie, deputy secretary of the Party committee and chairman of Weifang Comprehensive Bonded Zone Investment and Development Co., Ltd., said that the "four-in-one" integrated operation center of the bonded zone can realize the same-site supervision and one-stop customs clearance of four types of businesses: cross-border e-commerce 1210 and 9610, international express, and international mail. From January to November 2023, the cross-border e-commerce import and export volume of the bonded zone increased by 49 percent year-on-year, accounting for 56.8 percent of the total volume in Weifang City, and the scale of 1210 export business ranked first among comprehensive bonded zones in Shandong Province.

A variety of trade forms continue to add new "channels" to the development of foreign trade in Shandong. In 2023, Shandong's general trade import and export volume reached 2.13 trillion yuan, up 2.4 percent year-on-year, accounting for 65.2 percent of the province's total import and export value. Among them, import and export trade under the bonded logistics mode reached 532.01 billion yuan, up 2.2 percent year-on-year; and processing trade import and export reached 514.37 billion yuan, up 1.8 percent year-on-year.

In the view of Shi Yong, deputy director of Qingdao Customs, Shandong's export-oriented economy is mainly supported by manufacturing, and the import and export of intermediate goods have become an important driving force for the development of the province's foreign trade. In 2023, Shandong's import and export of intermediate goods reached 2.04 trillion yuan, accounting for 62.6 percent of the province's total import and export value, 1.5 percentage points higher than the national average.

From the export perspective, in 2023, Shandong exported 963.18 billion yuan worth of intermediate goods, accounting for 49.6 percent of the province's total exports. ASEAN is the largest market for Shandong's intermediate goods exports, with exports reaching 159.88 billion yuan in 2023, accounting for 54.2 percent of the province's total exports to ASEAN; exports of intermediate goods to Vietnam, Malaysia, Thailand, Indonesia, and Singapore all exceeded 200 billion yuan.

In 2023, Shandong imported 1.08 trillion yuan worth of intermediate goods, accounting for 81.8 percent of the province's total imports, including 376.73 billion yuan of energy products, 195.3 billion yuan of metal ores, and 154.88 billion yuan of electromechanical intermediate goods. Shi Yong said that as a coastal province, Shandong has imported a large amount of raw materials and components through seaports, playing an important role in ensuring the stability and smooth flow of industrial chains and supply chains in Shandong and even China, and also providing broad market space for global suppliers.

According to customs statistics, in 2023, the export value of Shandong's "new three major items" reached 9.39 billion yuan, up 47.3 percent year-on-year, with lithium-ion batteries and electric passenger vehicles both increasing by more than 100 percent. Shi Yong said that "new three major items" such as electric passenger vehicles, lithium-ion batteries, and solar cells have become new trends in Shandong's industrial development and new drivers of foreign trade growth.